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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member] Class A Common Stock [Member]	Common Stock [Member] Class B Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss	Accumulated Deficit [Member]
Beginning Balance at Dec. 31, 2024	$ 103,828	$ 1		$ 258,551		$ (154,724)
Beginning Balance (in shares) at Dec. 31, 2024		12,660,590	686,527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net		94,758
Share-based compensation	2,745			2,745
Net loss	(15,925)					(15,925)
Ending Balance at Mar. 31, 2025	90,648	$ 1		261,296		(170,649)
Ending Balance (in shares) at Mar. 31, 2025		12,755,348	686,527
Beginning Balance at Dec. 31, 2024	103,828	$ 1		258,551		(154,724)
Beginning Balance (in shares) at Dec. 31, 2024		12,660,590	686,527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(31,315)
Ending Balance at Jun. 30, 2025	78,166	$ 1		264,204		(186,039)
Ending Balance (in shares) at Jun. 30, 2025		12,843,434	686,527
Beginning Balance at Mar. 31, 2025	90,648	$ 1		261,296		(170,649)
Beginning Balance (in shares) at Mar. 31, 2025		12,755,348	686,527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net		88,086
Share-based compensation	2,908			2,908
Net loss	(15,390)					(15,390)
Ending Balance at Jun. 30, 2025	78,166	$ 1		264,204		(186,039)
Ending Balance (in shares) at Jun. 30, 2025		12,843,434	686,527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units, net		18,238
Share-based compensation	2,961			2,961
Net loss	(14,699)					(14,699)
Ending Balance at Sep. 30, 2025	66,428	$ 1		267,165		(200,738)
Ending Balance (in shares) at Sep. 30, 2025		12,861,672	686,527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B Common Stock to Class A Common Stock (in shares)		686,527	(686,527)
Issuance of Class A Common Stock under the Employee Stock Purchase Plan	240			240
Issuance of Class A Common Stock under the Employee Stock Purchase Plan (in shares)		107,930
Vesting of restricted stock units, net		17,436
Share-based compensation	3,019			3,019
Net loss	(13,503)					(13,503)
Ending Balance at Dec. 31, 2025	56,184	$ 1		270,424		(214,241)
Ending Balance (in shares) at Dec. 31, 2025		13,673,565
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class A Common Stock and pre-funded warrants in connection with 2026 Private Placement, less issuance costs	140,546	$ 3		140,543
Issuance of Class A Common Stock and pre-funded warrants in connection with 2026 Private Placement, less issuance costs (in shares)		26,713,638
Vesting of restricted stock units, net		8,277
Share-based compensation	2,780			2,780
Net loss	(15,157)					(15,157)
Ending Balance at Mar. 31, 2026	184,353	$ 4		413,747		(229,398)
Ending Balance (in shares) at Mar. 31, 2026		40,395,480
Beginning Balance at Dec. 31, 2025	56,184	$ 1		270,424		(214,241)
Beginning Balance (in shares) at Dec. 31, 2025		13,673,565
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(30,503)
Ending Balance at Jun. 30, 2026	172,108	$ 4		416,861	$ (13)	(244,744)
Ending Balance (in shares) at Jun. 30, 2026		40,496,309
Beginning Balance at Mar. 31, 2026	184,353	$ 4		413,747		(229,398)
Beginning Balance (in shares) at Mar. 31, 2026		40,395,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance costs in connection with 2026 Private Placement	(138)			(138)
Issuance of Class A Common Stock under the Employee Stock Purchase Plan	203			203
Issuance of Class A Common Stock under the Employee Stock Purchase Plan (in shares)		92,675
Vesting of restricted stock units, net		8,154
Share-based compensation	3,049			3,049
Other comprehensive loss	(13)				(13)
Net loss	(15,346)					(15,346)
Ending Balance at Jun. 30, 2026	$ 172,108	$ 4		$ 416,861	$ (13)	$ (244,744)
Ending Balance (in shares) at Jun. 30, 2026		40,496,309

Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Options Outstanding
Outstanding at beginning of period (in shares)	2,714,651
Granted (in shares)	1,485,625
Exercised (in shares)	0
Expired (In shares)	(39,785)
Forfeited (In shares)	(76,448)
Outstanding at end of period (in shares)	4,084,043	2,714,651
Exercisable (in shares)	1,468,017
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 15.54
Granted (in dollars per share)	4.07
Exercised (in dollars per share)	0
Expired (in dollars per share)	14.88
Forfeited (in dollars per share)	9.07
Outstanding at end of period (in dollars per share)	11.49	$ 15.54
Exercisable (in dollars per share)	$ 16.96
Weighted-Average Remaining Contractual Term (in years) / Aggregate Intrinsic Value
Weighted Average Remaining Contractual Term (in years), Options Outstanding	8 years 7 months 28 days	8 years 6 months 7 days
Weighted Average Remaining Contractual Term (in years), Exercisable	7 years 10 months 13 days
Aggregate Intrinsic Value, Outstanding	$ 836	$ 22
Aggregate Intrinsic Value, Exercisable	$ 133

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Remaining in 2026	$ 269
2027	255
2028	262
2029	270
Total future minimum lease payments	1,056
Less: imputed interest	(130)
Less: current portion	(336)	$ (549)
Operating lease liability, net of current portion	$ 590	$ 0

Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2026 USD ($) Segment	Dec. 31, 2025 USD ($)
Accounting Policies [Line Items]
Number of operating segments \| Segment	1
Options granted maximum contractual term	10 years
Cash and cash equivalents	$ 166,502,000	$ 59,050,000
Federally insured limits	250,000
Deferred offering costs	$ 400,000	$ 200,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Class A Common Stock [Member]
Common stock, Par value	$ 0.0001	$ 0.0001
Common stock, authorized	200,000,000	200,000,000
Common stock, issued	40,496,309	13,673,565
Common stock, outstanding	40,496,309	13,673,565
Class B Common Stock [Member]
Common stock, Par value	$ 0.0001	$ 0.0001
Common stock, authorized	10,000,000	10,000,000
Common stock, issued	0	0
Common stock, outstanding	0	0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (15,346)	$ (15,157)	$ (13,503)	$ (14,699)	$ (15,390)	$ (15,925)	$ (30,503)	$ (31,315)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Loss Per Share - Schedule of Anti-Dilutive Securities Outstanding Not Included in Diluted Net Loss Per Share Calculation (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,108,531	3,114,019
Outstanding Common Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,084,043	3,054,036
Unvested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	24,488	59,983

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Marketable securities, available-for-sale, Amortized Cost Basis	$ 9,897
Marketable securities, available-for-sale, Fair Market Value	9,884
Fair Value, Recurring
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents and Marketable securities, available-for-sale, Amortized Cost Basis	175,111
Gross Unrealized Losses	(13)
Cash equivalents and Marketable securities, available-for-sale, Fair Market Value	175,098
Level 1 \| Fair Value, Recurring \| Money Market Funds
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, Amortized Cost Basis	164,218
Cash equivalents, Fair Market Value	164,218
Level 2 \| Fair Value, Recurring \| U.S. Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Cash equivalents, Amortized Cost Basis	996
Marketable securities, available-for-sale, Amortized Cost Basis	9,897
Gross Unrealized Losses	(13)
Cash equivalents, Fair Market Value	996
Marketable securities, available-for-sale, Fair Market Value	$ 9,884

Accounts Payable and Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued compensation and ESPP contributions	$ 1,885	$ 2,693
Accrued outsourced non-clinical studies	896	651
Accrued contract manufacturing costs	983	223
Accrued clinical trial costs	181	49
Accrued other	363	323
Total accrued expenses and other current liabilities	$ 4,308	$ 3,939

Segment (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment


	Clinical Research Segment
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025

	(in thousands)
Operating expenses:
Direct program expense	$	7,487		$	7,491		$	14,204		$	15,363
Indirect program expense		722			432			1,196			958
Workforce salaries and benefits		4,234			4,343			8,694			8,750
Share-based compensation expense		3,049			2,908			5,829			5,653
General corporate expenses		1,407			1,150			2,591			2,600
Segment net loss		16,899			16,324			32,514			33,324
Reconciliation of loss:
Interest income		(1,553	)		(934	)		(2,011	)		(2,009	)
Adjustments and reconciling items		(1,553	)		(934	)		(2,011	)		(2,009	)
Net loss	$	15,346		$	15,390		$	30,503		$	31,315

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,082	$ 2,079
Less: accumulated depreciation and amortization	(1,647)	(1,461)
Property and equipment, net	435	618
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	668	669
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,090	1,090
Computer Hardware and Software [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	172	168
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 152	$ 152

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 87	$ 117	$ 191	$ 235

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2026:


	June 30, 2026
				Gross		Gross
	Fair Value	Amortized		Unrealized		Unrealized			Fair Market
	Hierarchy	Cost Basis		Gains		Losses			Value

Cash equivalents:
Money market funds	Level 1	$	164,218	$	—	$	—		$	164,218
U.S. treasury securities	Level 2		996		—		—			996
Marketable securities, available-for-sale:
U.S. treasury securities	Level 2		9,897		—		(13	)		9,884
Total		$	175,111	$	—	$	(13	)	$	175,098

Schedule of Contractual Maturity of Marketable Securities

The contractual maturity of the marketable securities as of June 30, 2026 was:


	Amortized		Fair
	Cost		Value
Due in one year or less	$	9,897	$	9,884
Total	$	9,897	$	9,884

Accounts Payable and Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2026

Accrued Liabilities, Current [Abstract]

Accounts Payable and Accrued Expenses and Other Current Liabilities

8. Accounts Payable and Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued compensation and ESPP contributions	$	1,885	$	2,693
Accrued outsourced non-clinical studies		896		651
Accrued contract manufacturing costs		983		223
Accrued clinical trial costs		181		49
Accrued other		363		323
Total accrued expenses and other current liabilities	$	4,308	$	3,939

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the SEC. Accordingly, since they are interim statements, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. The Company’s condensed consolidated financial statements reflect the operation of the Company and its former wholly owned subsidiaries OnKure, Inc. and Merger Sub II. As of December 31, 2025, all subsidiaries had been merged into the Company. All intercompany balances and transactions among the consolidated entities have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. These unaudited Condensed Consolidated Financial Statements and notes thereto should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Form 10-K.
Marketable Securities, Available-for-Sale	Marketable Securities, Available-for-Sale All marketable securities have been classified as “available-for-sale” and are carried at fair value, based upon quoted market prices. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, the Company classifies its investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders’ equity until realized. Interest income, realized gains and losses, and credit-related losses, if any, on available-for-sale securities are included in other income. The cost of securities sold is based on the specific-identification method. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. In accordance with the Company’s investment policy, management invests in money market funds and U. S. government securities. The Company has not experienced any allowances for credit losses on its deposits of cash, cash equivalents, and marketable securities since inception.
Segment Information	Segment Information The Company operates in one operating segment: clinical research. All equipment and other property and equipment are physically located within the United States.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates. The most significant estimates relate to the accrual of external research and development expenses, and the fair value of stock options.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss includes net loss as well as other changes in stockholders’ equity which includes certain changes in equity that are excluded from net loss. The Company’s only element of other comprehensive income is unrealized losses on marketable securities.
Research and Development Expenses	Research and Development Expenses Research and development (“R&D”) costs are expensed as incurred in performing research and development activities. The costs include employee-related expense, including salaries, severance, benefits, share-based compensation, costs of research and development activities conducted by third parties on the Company’s behalf, costs to have clinical trial materials manufactured, fees for acquiring and maintaining licenses under third-party license agreements, consulting fees, depreciation, and facilities and overhead costs.
Accrued Research and Development Expenses	Accrued Research and Development Expenses The Company records research and development expenses in the period in which it receives or takes ownership of the applicable goods or when the applicable services are performed. The Company is required to estimate its expenses resulting from its obligations under contracts with vendors, consultants, and contract research organizations, in connection with conducting research and development activities. The financial terms of these contracts are subject to negotiations, vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company reflects research and development expenses in its financial statements by matching those expenses with the period in which services and efforts are expended. The Company accounts for these expenses according to the progress of its preclinical studies or clinical trials, as measured by the timing of various aspects of the study or related activities. The Company determines accrual estimates through a review of the underlying contracts along with the preparation of financial models considering discussions with research and other key personnel as to the progress of studies, trials, or other services being conducted. During a study or trial, the Company adjusts its rate of expense recognition if actual results differ from its estimates. Nonrefundable advance payments for goods and services, including fees for process development or manufacturing and distribution of clinical supplies that will be used in future research and development activities, are deferred and recognized as an expense in the period that the related goods are consumed, or services are performed.
Pre-funded Common Stock Warrants	Pre-funded Common Stock Warrants The Company accounts for warrants to purchase shares of its common stock in accordance with the guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The Company classifies warrants issued for the purchase of shares of its common stock as either equity or liability instruments based on an assessment of the specific terms and conditions of each respective contract. Such assessment includes determining whether the warrants are freestanding financial instruments or embedded in a host instrument, whether the warrants are liabilities within the scope of ASC 480, whether the warrants meet the definition of a derivative in ASC 815 and whether the warrants meet the requirements for equity classification pursuant to the indexation and equity classification criteria in ASC 815. The Company determines the classification for its warrants at the time of issuance and updates its assessment as necessary. Warrants that meet all of the criteria for equity classification are recorded as a component of additional paid-in capital and are not subsequently remeasured. The 2026 PIPE Pre-Funded Warrants are classified as equity in the condensed consolidated financial statements.
Share-Based Compensation	Share-Based Compensation The Company maintains an equity incentive compensation plan under which incentive stock options and nonqualified stock options to purchase Common Stock, and restricted stock units for Common Stock, are granted to employees, board of directors, and non-employee consultants. Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite service or performance period. The fair value of stock options granted to employees is estimated using the Black-Scholes option pricing model. The Black-Scholes valuation method requires certain assumptions be used as inputs, such as the fair value of the underlying Common Stock, expected term of the option before exercise, expected volatility of the Company’s Common Stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of 10 years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is based on the historical volatility of several publicly traded companies in similar stages of clinical development. The Company will continue to apply this process until enough historical information regarding the volatility of its stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero. (See Note 10). The Company recognizes stock-based compensation expense for grants under its various equity incentive plans and employee stock purchase plan. The Company accounts for all stock-based awards granted to employees and directors at their fair value and recognizes compensation expense over the award’s vesting period. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates of fair values of stock options as of the grant date. The Company calculates the grant date fair values of stock options using the Black-Scholes valuation model, which requires the input of subjective assumptions, including but not limited to expected stock price volatility over the term of the awards and the expected term of stock options. The fair value of restricted stock awards granted to employees is based on the quoted closing market price per share on grant date. The Company estimates stock awards fair value on the date of grant using the Black-Scholes valuation, with the vesting being subject to service requirements. The Company accounts for forfeitures when they occur.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The carrying amounts of the Company’s financial assets and liabilities, such as cash, cash equivalents, marketable securities, receivables, prepaid and other current assets, accounts payable, and accrued expenses approximate their fair values because of the short term nature of these instruments.
Cash and Cash Equivalents	Cash and Cash Equivalents All highly liquid investments with maturities of 90 days or less, at the time of purchase, are classified as cash equivalents. Cash equivalents are reported at cost, which approximates fair value. The Company’s cash and cash equivalents consist of money held in demand depository accounts, money market funds and U. S. government securities with maturities of 90 days or less. The carrying amount of cash and cash equivalents was $166.5 million and $59.1 million as of June 30, 2026 and December 31, 2025, respectively, which approximates fair value and was determined based upon Level 1 inputs. The money market account is valued using quoted market prices with no valuation adjustments applied and is categorized as Level 1.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains accounts in federally insured financial institutions. At times, amounts held in federally insured accounts are above the federally insured limit of $250 thousand. Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held and of the money market funds in which these investments are made.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the statement of operations. Deferred offering costs as of June 30, 2026 and December 31, 2025 were $0.4 million and $0.2 million. Such costs are classified in other non-current assets in the accompanying balance sheets
Leasing - Lessee Accounting	Leasing – Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company’s operating lease agreements are primarily for office space and research labs. For operating leases with a term greater than one year, the Company recognizes the right-of-use (“ROU”) assets and lease liabilities related to the lease payments on its balance sheet. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The ROU assets represent the Company’s right to use the underlying assets for the term of the lease and the lease liabilities represent the Company’s obligation to make lease payments arising for the agreements. ROU assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. The ROU asset is periodically reviewed for impairment unless a triggering event occurs. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments, except for the ones that depend on index or rate, are excluded from the calculation of the ROU assets and lease liabilities and are recognized as variable lease expense in the statements of operations and comprehensive loss in the period in which they are incurred. Sublease inflows are netted against the respective lease outflows. As the interest rate implicit in the Company’s leases is not readily determinable, the Company uses its estimated incremental borrowing rate in its present value calculations. Operating leases with a term of less than one year are recognized as a lease expense over the term of the lease, with no asset or liability recognized on the balance sheet.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements. This standard clarifies current interim reporting requirements on Topic 270 and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This standard will be effective for fiscal years beginning after December 15, 2027, with the option to apply it retrospectively. Early adoption is allowed. The Company is currently assessing the potential impact of this guidance on its consolidated financial statement disclosures. In December 2025, the FASB issued ASU 2025-12 Codification Improvements. This standard makes certain incremental improvements to generally accepted accounting principles. This standard will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual periods. The Company is currently assessing the potential impact of this guidance on its consolidated financial statements and related disclosures. The Company continues to monitor new accounting pronouncements issued by the FASB and does not believe any accounting pronouncements issued through the date of this report will have a material impact on its financial statements.

Leases (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Right-of-use Assets and Lease Liabilities for Operating Leases

ROU assets and lease liabilities for operating leases as included in the Company’s financial statements are as follows (in thousands):


	June 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	840	$	387
Current operating lease liabilities		336		549
Noncurrent operating lease liabilities		590		—
Total lease liabilities	$	926	$	549

Schedule of Lease Expense for Operating Leases

Lease expense for operating leases, net of sublease receipts, as included in the Company’s financial statements are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	49	$	45	$	92	$	96
Variable lease expense		42		29		85		74

Schedule of Lease Term, Discount Rates, and Additional Information for Operating Leases

Lease term, discount rates, and additional information for operating leases are as follows (in thousands):


	As of June 30,
	2026			2025
Weighted-average remaining lease term - operating leases (years)	3.08			1.57
Weighted-average discount rate - operating leases		8.8	%		4.5	%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	291		$	282

Schedule of Maturities of Lease Liabilities by Fiscal Year for Operating Leases

The aggregate maturities of the Company’s operating lease liabilities were as follows as of June 30, 2026 (in thousands):


Remaining in 2026	$	269
2027		255
2028		262
2029		270
Total future minimum lease payments		1,056
Less: imputed interest		(130	)
Less: current portion		(336	)
Operating lease liability, net of current portion	$	590

Leases - Schedule of Lease Expense for Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease cost	$ 49	$ 45	$ 92	$ 96
Variable lease expense	$ 42	$ 29	$ 85	$ 74

Segment

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segment

3. Segment

The Company is a publicly listed company focused on the development of clinical and pre-clinical product candidates with a single reportable segment: clinical research. The accounting policies of the clinical research segment are the same as those described in the summary of significant accounting policies.

The Company has yet to generate revenue and anticipates substantial expenses and operating losses as it advances its product candidates through clinical trials and regulatory processes.

The Company’s Chief Operating Decision Maker (“CODM”) is the senior executive committee that is comprised of the Chief Executive Officer and the Chief Financial Officer. The CODM assesses financial performance primarily using operating expenses as reported on the statement of operations, supplemented by internal budget and forecast models to guide resource allocation and performance evaluation. Segment assets are reported as total assets on the Company’s consolidated balance sheet, and segment loss is reflected as net loss in the Company’s consolidated statements of operations and comprehensive loss, effectively mirroring the Company’s overall financial position due to its single-segment structure. The Company does not have intra-entity sales or transfers.


	Clinical Research Segment
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025

	(in thousands)
Operating expenses:
Direct program expense	$	7,487		$	7,491		$	14,204		$	15,363
Indirect program expense		722			432			1,196			958
Workforce salaries and benefits		4,234			4,343			8,694			8,750
Share-based compensation expense		3,049			2,908			5,829			5,653
General corporate expenses		1,407			1,150			2,591			2,600
Segment net loss		16,899			16,324			32,514			33,324
Reconciliation of loss:
Interest income		(1,553	)		(934	)		(2,011	)		(2,009	)
Adjustments and reconciling items		(1,553	)		(934	)		(2,011	)		(2,009	)
Net loss	$	15,346		$	15,390		$	30,503		$	31,315

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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+ Details

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Marketable Securities			$ 0
Assets transferred into L3	$ 0	$ 0
Assets transferred out of L3	0	0
Liabilities transferred into L3	0	0
Liabilities transferred out of L3	0	$ 0
Debt securities available-for-sale	$ 9,884,000

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Equity

9. Equity

Securities Purchase Agreement

On March 27, 2026, the Company entered into a securities purchase agreement (the “2026 PIPE Purchase Agreement”) with certain institutional accredited investors (the “2026 PIPE Investors”), pursuant to which the Company agreed to issue and sell to the 2026 PIPE Investors in a private placement (i) 26,713,638 shares (the “2026 PIPE Shares”) of Common Stock at a purchase price of $4.15 per 2026 PIPE Share, and (ii) pre-funded warrants to purchase 9,430,957 shares of Common Stock (the “2026 PIPE Warrant Shares”), at a purchase price of $4.1499 per underlying 2026 PIPE Warrant Share (the “2026 Private Placement”). Also, pursuant to the 2026 PIPE Purchase Agreement, the Company’s executive officers and directors entered into letter agreements pursuant to which they agreed not to sell or transfer any Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, until the later of 180 days after the closing date of the 2026 Private Placement and the effective date of registering the 2026 PIPE shares on a Registration Statement, subject to certain customary exceptions.

The 2026 Private Placement closed on March 31, 2026. The aggregate gross proceeds from the 2026 Private Placement were approximately $150.0 million, before deducting placement agent fees and offering expenses of approximately $9.6 million.

The 2026 PIPE Pre-Funded Warrants will be exercisable immediately at an exercise price of $0.0001 per 2026 PIPE Warrant Share and will not expire until exercised in full. The holders of 2026 PIPE Pre-Funded Warrants may not exercise a 2026 PIPE Pre-Funded Warrant if the holder, together with its attribution parties, would beneficially own more than a specified percentage of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. The holders of 2026 PIPE Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company. The 2026 PIPE Pre-Funded Warrants are classified as equity in the condensed consolidated financial statements.

Sale of Class A Common Stock Under ATM Agreement

On November 6, 2025, the Company entered into the ATM Sales Agreement with Leerink Partners to sell the ATM Placement Shares, from time to time, through an “at the market offering” program under which Leerink Partners is serving as sales agent.

On November 6, 2025, the Company filed the Registration Statement with the SEC, which became effective on November 25, 2025. The Registration Statement registered an aggregate of up to $200 million of securities that may be issued and sold by the Company from time to time, including initially up to an aggregate offering price of $16.0 million of Common Stock (which is included in the $200 million aggregate offering price set forth in the base prospectus) that may be issued and sold pursuant to the ATM Sales Agreement.

As of June 30, 2026, no shares of Common Stock had been sold under the ATM Sales Agreement and the Company will not be issuing or selling any Common Stock for the 180 day-period after March 31, 2026, due to the lock-up restrictions contained in the 2026 PIPE Purchase Agreement, subject to certain exceptions.

- Definition

The entire disclosure for equity.

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+ Details

Share-Based Compensation - Equity Incentive Plan and Employee Stock Purchase Plan - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 03, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 3,049,000	$ 2,908,000	$ 5,829,000	$ 5,653,000
2024 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for isssuance					3,231,638
Common stock, reserved for future issuance annual limit					2,407,100
Common stock, reserved for future issuance annual limit increase percentage					5.00%
2024 Employee Stock Purchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 49	$ 55	$ 88	$ 55

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accounts Payable and Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued compensation and ESPP contributions	$	1,885	$	2,693
Accrued outsourced non-clinical studies		896		651
Accrued contract manufacturing costs		983		223
Accrued clinical trial costs		181		49
Accrued other		363		323
Total accrued expenses and other current liabilities	$	4,308	$	3,939

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 166,502	$ 59,050
Marketable securities, available for sale	9,884	0
Prepaid expenses and other current assets	1,291	1,789
Total current assets	177,677	60,839
Property and equipment, net	435	618
Operating lease right-of-use asset	840	387
Other assets	401	273
Total assets	179,353	62,117
Current liabilities:
Accounts payable	1,999	1,433
Accrued expenses and other current liabilities	4,308	3,939
Operating lease liabilities, current portion	336	549
Total current liabilities	6,643	5,921
Long-term operating lease liabilities	590	0
Other long-term liabilities	12	12
Total liabilities	7,245	5,933
Commitments and contingencies
Stockholders' equity:
Additional paid-in capital	416,861	270,424
Accumulated other comprehensive loss	(13)	(0)
Accumulated deficit	(244,744)	(214,241)
Total stockholders' equity	172,108	56,184
Total liabilities and stockholders' equity	179,353	62,117
Class A Common Stock [Member]
Stockholders' equity:
Common stocks	4	1
Class B Common Stock [Member]
Stockholders' equity:
Common stocks	$ 0	$ 0

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions					6 Months Ended
	Mar. 31, 2026	Mar. 27, 2026	Nov. 25, 2025	Nov. 06, 2025	Jun. 30, 2026	Dec. 31, 2025
At The Market Offering Program [Member]
Class of Stock [Line Items]
Number of shares issued in transaction					0
Securities Purchase Agreement [Member] \| Private Placement [Member]
Class of Stock [Line Items]
Number of shares issued in transaction		26,713,638
Purchase price		$ 4.15
Gross proceeds from the private placement	$ 150.0
Securities Purchase Agreement [Member] \| 2026 Private Placement [Member]
Class of Stock [Line Items]
Gross proceeds from the private placement	150.0
Placement agent fees and offering expenses	$ 9.6
Sales Agreement [Member] \| At The Market Offering Program [Member] \| Maximum [Member]
Class of Stock [Line Items]
Stock issued, gross proceeds			$ 200.0	$ 16.0
Sale of stock, initial aggregate offering price			$ 16.0
Class A Common Stock [Member]
Class of Stock [Line Items]
Common stock, Par value					$ 0.0001	$ 0.0001
Class A Common Stock [Member] \| Sales Agreement [Member] \| At The Market Offering Program [Member]
Class of Stock [Line Items]
Common stock, Par value				$ 0.0001
Pre-Funded Warrants [Member] \| Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Number of shares issued in transaction		9,430,957
Purchase price		$ 4.1499
2026 PIPE Pre-Funded Warrants [Member] \| Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Warrant exercise price		$ 0.0001
Maximum percentage of pre-funded warrants exercised		19.99%

Segment - Additional Information (Details)	6 Months Ended
Segment - Additional Information (Details)	Jun. 30, 2026 Segment
Segment Reporting [Abstract]
Number of Reportable Segments	1
Segment [Extensible Enumeration]	Clinical Research Segment [Member]
CODM Description	The Company’s Chief Operating Decision Maker (“CODM”) is the senior executive committee that is comprised of the Chief Executive Officer and the Chief Financial Officer. The CODM assesses financial performance primarily using operating expenses as reported on the statement of operations, supplemented by internal budget and forecast models to guide resource allocation and performance evaluation. Segment assets are reported as total assets on the Company’s consolidated balance sheet, and segment loss is reflected as net loss in the Company’s consolidated statements of operations and comprehensive loss, effectively mirroring the Company’s overall financial position due to its single-segment structure.
CODM title and Position	srt:ChiefExecutiveOfficerMember, srt:ChiefFinancialOfficerMember

Merger Agreement and Concurrent Financing - Additional Information (Details) - $ / shares	Jun. 30, 2026	Jun. 03, 2026	Dec. 31, 2025
2024 Equity Incentive Plan
Business Combination [Line Items]
Stock were initially reserved for issuance.		3,231,638
Class A Common Stock [Member]
Business Combination [Line Items]
Common stock, Par value	$ 0.0001		$ 0.0001
Common stock, authorized	200,000,000		200,000,000
Class B Common Stock [Member]
Business Combination [Line Items]
Common stock, Par value	$ 0.0001		$ 0.0001
Common stock, authorized	10,000,000		10,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Schedule of Right-of-use Assets and Lease Liabilities for Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Operating lease right-of-use asset	$ 840	$ 387
Current operating lease liabilities	336	549
Noncurrent operating lease liabilities	590	0
Total lease liabilities	$ 926	$ 549

Income Taxes

6 Months Ended

Jun. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

In accordance with GAAP, a valuation allowance should be provided if it is more likely than not that some or all of the Company’s deferred tax assets will not be realized. The Company’s ability to realize the benefit of its deferred tax assets will depend on the generation of future taxable income. Due to the uncertainty of future profitable operations and taxable income, the Company has recorded a full valuation allowance against its net deferred tax assets. The Company believes its tax filing positions and deductions related to tax periods subject to examination will be sustained upon audit and, therefore, has no reserve for uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Share-based compensation expense	$ 3,049				$ 2,908		$ 5,829	$ 5,653
Reconciliation of loss:
Interest income	(1,553)				(934)		(2,011)	(2,009)
Adjustments and reconciling items	(1,553)				(934)		(2,011)	(2,009)
Net loss	15,346	$ 15,157	$ 13,503	$ 14,699	15,390	$ 15,925	30,503	31,315
Clinical Research Segment [Member]
Operating expenses:
Direct program expense	7,487				7,491		14,204	15,363
Indirect program expense	722				432		1,196	958
Workforce salaries and benefits	4,234				4,343		8,694	8,750
Share-based compensation expense	3,049				2,908		5,829	5,653
General corporate expenses	1,407				1,150		2,591	2,600
Reconciliation of loss:
Net loss	$ 16,899				$ 16,324		$ 32,514	$ 33,324

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	June 30, 2026			December 31, 2025
Lab equipment	$	668		$	669
Leasehold improvements		1,090			1,090
Computer hardware and software		172			168
Furniture and fixtures		152			152
Property and equipment, gross		2,082			2,079
Less: accumulated depreciation and amortization		(1,647	)		(1,461	)
Property and equipment, net	$	435		$	618

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Aug. 03, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2026
Entity File Number	001-40315
Entity Registrant Name	ONKURE THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2309515
Entity Address, Address Line One	6707 Winchester Circle, Suite 400
Entity Address, City or Town	Boulder
Entity Address State or Province	CO
Entity Address, Postal Zip Code	80301
City Area Code	720
Local Phone Number	307-2892
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	OKUR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,496,309
Entity Central Index Key	0001637715
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Leases - Schedule of Lease Term, Discount Rates, and Additional Information for Operating (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Weighted-average remaining lease term - operating leases (years)	3 years 29 days	1 year 6 months 25 days
Weighted-average discount rate - operating leases	8.80%	4.50%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 291	$ 282

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (30,503)	$ (31,315)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense	5,829	5,653
Depreciation and amortization	191	235
Amortization of right-of-use asset - operating	200	189
Accretion of discount on marketable securities, net	(30)
Change in operating assets and liabilities:
Prepaid and other assets	370	1,057
Accounts payable, accrued and other liabilities	927	(2,876)
Lease liabilities	(276)	(262)
Other long-term liabilities		40
Net cash used in operating activities	(23,292)	(27,279)
Cash flows from investing activities:
Purchases of marketable securities	(9,867)
Purchases of property and equipment	(8)	(31)
Net cash used in investing activities	(9,875)	(31)
Cash flows from financing activities:
Payment of issuance costs associated with the 2026 Private Placement	(9,583)
Proceeds from sale of stock under the employee stock purchase plan	203
Payment of issuance costs associated with the Concurrent Financing		(37)
Payment of reverse recapitalization transaction costs		(40)
Net cash provided by (used in) financing activities	140,619	(77)
Net increase (decrease) in cash and cash equivalents	107,452	(27,387)
Cash and cash equivalents, beginning of period	59,050	110,761
Cash and cash equivalents, end of period	166,502	$ 83,374
Supplemental disclosure of noncash financing activities:
Leased assets obtained in exchange for operating lease liabilities, upon extension	653
2026 Private Placement issuance costs included in accounts payable	8
2026 Private Placement
Cash flows from financing activities:
Proceeds from the issuance of Class A Common Stock and pre-funded warrants in connection with 2026 Private Placement	$ 149,999

Share-Based Compensation - Restricted Stock Units (RSUs) (Details) - Restricted Stock Units (RSUs) [Member]	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at Beginning \| shares	41,376
Granted \| shares	0
Vested and released \| shares	(16,431)
Forfeited \| shares	(457)
Unvested at End \| shares	24,488
Weighted Average Grant Date Fair Value
Unvested at Beginning \| $ / shares	$ 22.89
Granted \| $ / shares	0
Vested and released \| $ / shares	22.89
Forfeited \| $ / shares	22.89
Unvested at End \| $ / shares	$ 22.89

Net Loss Per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

5. Net Loss Per Share

The Company computes basic loss per share by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, including the weighted average effect of the 2026 PIPE Pre-Funded Warrants, without consideration for common stock equivalents. Diluted net loss per share assumes the conversion, exercise, or issuance of all potential common stock equivalents, unless the effect of inclusion would be anti-dilutive. Shares of Common Stock to be issued upon exercise of all outstanding stock options and restricted stock units were excluded from the diluted net loss per share calculation for the six months ended June 30, 2026 and 2025 because such shares are anti-dilutive.

Anti-dilutive securities outstanding during the period not included in the diluted net loss per share calculation include the following:


	June 30,
	2026		2025
Outstanding common stock options		4,084,043		3,054,036
Unvested restricted stock units		24,488		59,983
		4,108,531		3,114,019

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with GAAP for interim financial information and with the rules and regulations of the SEC. Accordingly, since they are interim statements, they do not include all of the information and notes required by GAAP for complete consolidated financial statements. The Company’s condensed consolidated financial statements reflect the operation of the Company and its former wholly owned subsidiaries OnKure, Inc. and Merger Sub II. As of December 31, 2025, all subsidiaries had been merged into the Company. All intercompany balances and transactions among the consolidated entities have been eliminated in consolidation.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods. These unaudited Condensed Consolidated Financial Statements and notes thereto should be read in conjunction with the Consolidated Financial Statements and notes thereto included in the Company’s Form 10-K.

Marketable Securities, Available-for-Sale

All marketable securities have been classified as “available-for-sale” and are carried at fair value, based upon quoted market prices. The Company considers its available-for-sale portfolio as available for use in current operations. Accordingly, the Company classifies its investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income (loss) and reported as a separate component of stockholders’ equity until realized. Interest income, realized gains and losses, and credit-related losses, if any, on available-for-sale securities are included in other income. The cost of securities sold is based on the specific-identification method. The amortized cost of securities is adjusted for amortization of premiums and accretion of discounts to maturity. In accordance with the Company’s investment policy,

management invests in money market funds and U. S. government securities. The Company has not experienced any allowances for credit losses on its deposits of cash, cash equivalents, and marketable securities since inception.

Segment Information

The Company operates in one operating segment: clinical research. All equipment and other property and equipment are physically located within the United States.

Use of Estimates

The preparation of the Company’s consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting period. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates. The most significant estimates relate to the accrual of external research and development expenses, and the fair value of stock options.

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive loss includes net loss as well as other changes in stockholders’ equity which includes certain changes in equity that are excluded from net loss. The Company’s only element of other comprehensive income is unrealized losses on marketable securities.

Research and Development Expenses

Research and development (“R&D”) costs are expensed as incurred in performing research and development activities. The costs include employee-related expense, including salaries, severance, benefits, share-based compensation, costs of research and development activities conducted by third parties on the Company’s behalf, costs to have clinical trial materials manufactured, fees for acquiring and maintaining licenses under third-party license agreements, consulting fees, depreciation, and facilities and overhead costs.

Accrued Research and Development Expenses

The Company records research and development expenses in the period in which it receives or takes ownership of the applicable goods or when the applicable services are performed. The Company is required to estimate its expenses resulting from its obligations under contracts with vendors, consultants, and contract research organizations, in connection with conducting research and development activities. The financial terms of these contracts are subject to negotiations, vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company reflects research and development expenses in its financial statements by matching those expenses with the period in which services and efforts are expended. The Company accounts for these expenses according to the progress of its preclinical studies or clinical trials, as measured by the timing of various aspects of the study or related activities. The Company determines accrual estimates through a review of the underlying contracts along with the preparation of financial models considering discussions with research and other key personnel as to the progress of studies, trials, or other services being conducted. During a study or trial, the Company adjusts its rate of expense recognition if actual results differ from its estimates. Nonrefundable advance payments for goods and services, including fees for process development or manufacturing and distribution of clinical supplies that will be used in future research and development activities, are deferred and recognized as an expense in the period that the related goods are consumed, or services are performed.

Pre-funded Common Stock Warrants

The Company accounts for warrants to purchase shares of its common stock in accordance with the guidance in ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The Company classifies warrants issued for the purchase of shares of its common stock as either equity or liability instruments based on an assessment of the specific terms and conditions of each respective contract. Such assessment includes determining whether the warrants are freestanding financial instruments or embedded in a host instrument, whether the warrants are liabilities within the scope of ASC 480, whether the warrants meet the definition of a derivative in ASC 815 and whether the warrants meet the requirements for equity classification pursuant to the indexation and equity classification criteria in ASC 815.

The Company determines the classification for its warrants at the time of issuance and updates its assessment as necessary. Warrants that meet all of the criteria for equity classification are recorded as a component of additional paid-in capital and are not subsequently remeasured. The 2026 PIPE Pre-Funded Warrants are classified as equity in the condensed consolidated financial statements.

Share-Based Compensation

The Company maintains an equity incentive compensation plan under which incentive stock options and nonqualified stock options to purchase Common Stock, and restricted stock units for Common Stock, are granted to employees, board of directors, and non-employee consultants. Stock-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite service or performance period. The fair value of stock options granted to employees is estimated using the Black-Scholes option pricing model.

The Black-Scholes valuation method requires certain assumptions be used as inputs, such as the fair value of the underlying Common Stock, expected term of the option before exercise, expected volatility of the Company’s Common Stock, risk-free interest rate and expected dividend. Options granted have a maximum contractual term of 10 years. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the arithmetic average of the original contractual term of the stock option and its weighted-average vesting term. The expected volatility of stock options is based on the historical volatility of several publicly traded companies in similar stages of clinical development. The Company will continue to apply this process until enough historical information regarding the volatility of its stock price becomes available. The risk-free interest rates used are based on the U.S. Treasury yield in effect at the time of grant for zero-coupon U.S. treasury notes with maturities approximately equal to the expected term of the stock options. The Company has historically not declared or paid any dividends and does not currently expect to do so in the foreseeable future, and therefore has estimated the dividend yield to be zero. (See Note 10).

The Company recognizes stock-based compensation expense for grants under its various equity incentive plans and employee stock purchase plan. The Company accounts for all stock-based awards granted to employees and directors at their fair value and recognizes compensation expense over the award’s vesting period. Determining the amount of stock-based compensation to be recorded requires the Company to develop estimates of fair values of stock options as of the grant date. The Company calculates the grant date fair values of stock options using the Black-Scholes valuation model, which requires the input of subjective assumptions, including but not limited to expected stock price volatility over the term of the awards and the expected term of stock options. The fair value of restricted stock awards granted to employees is based on the quoted closing market price per share on grant date.

The Company estimates stock awards fair value on the date of grant using the Black-Scholes valuation, with the vesting being subject to service requirements. The Company accounts for forfeitures when they occur.

Fair Value of Financial Instruments

The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values.

The carrying amounts of the Company’s financial assets and liabilities, such as cash, cash equivalents, marketable securities, receivables, prepaid and other current assets, accounts payable, and accrued expenses approximate their fair values because of the short term nature of these instruments.

Cash and Cash Equivalents

All highly liquid investments with maturities of 90 days or less, at the time of purchase, are classified as cash equivalents. Cash equivalents are reported at cost, which approximates fair value. The Company’s cash and cash equivalents consist of money held in demand depository accounts, money market funds and U. S. government securities with maturities of 90 days or less. The carrying amount of cash and cash equivalents was $166.5 million and $59.1 million as of June 30, 2026 and December 31, 2025, respectively, which approximates fair value and was determined based upon Level 1 inputs. The money market account is valued using quoted market prices with no valuation adjustments applied and is categorized as Level 1.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains accounts in federally insured financial

institutions. At times, amounts held in federally insured accounts are above the federally insured limit of $250 thousand. Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held and of the money market funds in which these investments are made.

Deferred Offering Costs

The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred offering costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the equity issuance be abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the statement of operations. Deferred offering costs as of June 30, 2026 and December 31, 2025 were $0.4 million and $0.2 million. Such costs are classified in other non-current assets in the accompanying balance sheets

Leasing – Lessee Accounting

The Company determines if an arrangement is a lease at inception. The Company’s operating lease agreements are primarily for office space and research labs.

For operating leases with a term greater than one year, the Company recognizes the right-of-use (“ROU”) assets and lease liabilities related to the lease payments on its balance sheet. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The ROU assets represent the Company’s right to use the underlying assets for the term of the lease and the lease liabilities represent the Company’s obligation to make lease payments arising for the agreements. ROU assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. The ROU asset is periodically reviewed for impairment unless a triggering event occurs. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments, except for the ones that depend on index or rate, are excluded from the calculation of the ROU assets and lease liabilities and are recognized as variable lease expense in the statements of operations and comprehensive loss in the period in which they are incurred. Sublease inflows are netted against the respective lease outflows.

As the interest rate implicit in the Company’s leases is not readily determinable, the Company uses its estimated incremental borrowing rate in its present value calculations. Operating leases with a term of less than one year are recognized as a lease expense over the term of the lease, with no asset or liability recognized on the balance sheet.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the face of the income statement. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this pronouncement on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements. This standard clarifies current interim reporting requirements on Topic 270 and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This standard will be effective for fiscal years beginning after December 15, 2027, with the option to apply it retrospectively. Early adoption is allowed. The Company is currently assessing the potential impact of this guidance on its consolidated financial statement disclosures.

In December 2025, the FASB issued ASU 2025-12 Codification Improvements. This standard makes certain incremental improvements to generally accepted accounting principles. This standard will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual periods. The Company is currently assessing the potential impact of this guidance on its consolidated financial statements and related disclosures.

The Company continues to monitor new accounting pronouncements issued by the FASB and does not believe any accounting pronouncements issued through the date of this report will have a material impact on its financial statements.

Organization and Business

6 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Business

1. Organization and Business

OnKure Therapeutics, Inc. (“OnKure” or the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery and development of precision medicines that target biologically validated drivers of vascular anomalies and cancers that are underserved by available therapies. Using a structure- and computational chemistry-driven drug design platform, OnKure is committed to improving clinical outcomes for patients by building a pipeline of small molecule drugs designed to selectively target specific mutations thought to be key drivers of cancer and vascular anomalies. The Company was formed in 2014 as Reneo Pharmaceuticals, Inc. (“Reneo”) under the laws of the State of Delaware. On October 4, 2024, the Company changed its name to OnKure Therapeutics, Inc.

Merger with Reneo

On October 4, 2024, Radiate Merger Sub I, Inc. (“Merger Sub I”) a wholly owned subsidiary of Reneo completed its merger with and into OnKure, Inc. (referred to herein as “Legacy OnKure”), with Legacy OnKure continuing as the surviving entity as a wholly owned subsidiary of Reneo. This transaction is referred to as the “Merger.” Following the Merger, Reneo changed its name to OnKure Therapeutics, Inc. Legacy OnKure was subsequently merged into the Company. The Merger was effected pursuant to an Agreement and Plan of Merger, dated as of May 10, 2024 (the “Merger Agreement”), by and among Reneo, Radiate Merger Sub I, Inc., a Delaware corporation Radiate Merger Sub II, LLC, a Delaware limited liability company (“Merger Sub II”), and Legacy OnKure. In connection with the Merger Agreement, certain parties entered into a subscription agreement with the Company to purchase shares of Reneo’s common stock for an aggregate purchase price of $65.0 million contingent upon the concurrent consummation of the Merger (the “Concurrent Financing”). On October 4, 2024 (the “Merger Closing Date”), the Merger and the Concurrent Financing closed.

The Merger was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For accounting purposes, Legacy OnKure is considered the accounting acquirer and Reneo is the acquired company based on the terms of the Merger Agreement and other factors, such as relative voting rights and the composition of the Company’s board of directors and senior management. Accordingly, the Merger was treated as the equivalent of Legacy OnKure issuing stock to acquire the net assets of Reneo. As a result of the Merger, the net assets of Reneo were recorded at their acquisition-date fair value in the financial statements of the Company and the reported operating results prior to the Merger are those of Legacy OnKure. Legacy OnKure’s historical financial statements became the historical consolidated financial statements of the Company.

Risks and Uncertainties

The board of directors of the Company (the “Board”) discusses with management macroeconomic and geopolitical developments, including inflation, instability in the banking and financial services sector, tightening of the credit markets, international conflicts, cybersecurity, tariffs, and sanctions so that the Company can be prepared to react to new developments as they arise. The Board and the management of the Company are carefully monitoring these developments and the resulting economic impact on the Company’s financial condition and results of operations.

Liquidity

The Company had recurring losses from operations, an accumulated deficit of $244.7 million, and cash, cash equivalents and marketable securities of $176.4 million as of June 30, 2026. The Company’s ability to fund its ongoing operations is highly dependent upon raising additional capital through the issuance of equity securities, issuing debt or other financing vehicles.

On November 6, 2025, the Company filed a shelf registration statement with the U.S. Securities and Exchange Commission (“SEC”) on Form S-3, which became effective with the SEC on November 25, 2025, and

that allows it to undertake various equity and debt offerings (the “Registration Statement”). Additionally, the Company filed a prospectus supplement to the Registration Statement and entered into a sales agreement (the “ATM Sales Agreement”) with Leerink Partners LLC (“Leerink Partners”) under which the Company may offer and sell shares (the “ATM Placement Shares”) of the Company’s Class A common stock, $0.0001 par value per share (the “Common Stock”), from time to time having aggregate sales proceeds of up to $16.0 million, through an “at the market offering” program (the “ATM”) under which Leerink Partners acts as sales agent. The Company has not yet offered or sold any shares of Common Stock under the ATM. See Note 9 for further discussion.

On March 31, 2026 the Company closed the 2026 Private Placement (as defined below). The aggregate gross proceeds from the 2026 Private Placement were approximately $150.0 million, before deducting placement agent fees and offering expenses. See Note 9 for further discussion.

The Company expects to continue to generate operating losses in the foreseeable future. The Company’s ability to secure additional capital principally depends on its potential for success in discovering and developing its product candidates. The Company cannot provide assurance that additional capital will be available on acceptable terms, if at all. The issuance of additional equity or debt securities will likely result in substantial dilution to the Company’s stockholders. Should additional capital not be available to the Company, or not be available on acceptable terms, the Company may be required to modify its operational plans and may be unable to realize value from its assets or discharge its liabilities in the normal course of business, which may, among other alternatives, cause the Company to delay, substantially reduce, or discontinue operational activities to conserve cash, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As of December 31, 2025, the Company had determined that substantial doubt about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of the issuance of those financial statements did exist. However, following completion of the 2026 Private Placement (see Note 9), management believes the Company’s cash, cash equivalents and marketable securities will be sufficient to fund its current operating plan for at least the next 12 months from the date of issuance of these condensed consolidated financial statements and as such substantial doubt has been alleviated.

Share-Based Compensation - Non-cash stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Stock-Based Compensation
Stock-based compensation expense	$ 3,049	$ 2,908	$ 5,829	$ 5,653
Research and development
Stock-Based Compensation
Stock-based compensation expense	1,427	1,410	2,711	2,727
General and administrative
Stock-Based Compensation
Stock-based compensation expense	$ 1,622	$ 1,498	$ 3,118	$ 2,926

Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

4. Leases

The Company’s headquarters are located in Boulder, Colorado, where it leases office and lab facilities under operating leases that were amended in June 2026 to extend the lease for an additional three year period and which expire in December 2029, resulting in an additional $653 thousand ROU asset and lease liabilities recognized in June 2026. In the Merger with Reneo, the Company assumed the lease in Irvine, California, where it leases office space under a lease agreement that expires in November 2026 (the “Irvine lease”). In January 2025, the Company entered into a sublease on the Irvine lease for all of the leased square footage, which expires in November 2026. Payments under the sublease for the three and six months ended June 30, 2026 were $61 and $122 thousand, respectively, and were netted against operating lease costs in the Statement of Operations. Payments under the sublease for the three and six months ended June 30, 2025 were $59 thousand and $113 thousand, respectively, and were netted against operating lease costs in the Statement of Operations

ROU assets and lease liabilities for operating leases as included in the Company’s financial statements are as follows (in thousands):


	June 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	840	$	387
Current operating lease liabilities		336		549
Noncurrent operating lease liabilities		590		—
Total lease liabilities	$	926	$	549

Lease expense for operating leases, net of sublease receipts, as included in the Company’s financial statements are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	49	$	45	$	92	$	96
Variable lease expense		42		29		85		74

Lease term, discount rates, and additional information for operating leases are as follows (in thousands):


	As of June 30,
	2026			2025
Weighted-average remaining lease term - operating leases (years)	3.08			1.57
Weighted-average discount rate - operating leases		8.8	%		4.5	%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	291		$	282

The aggregate maturities of the Company’s operating lease liabilities were as follows as of June 30, 2026 (in thousands):


Remaining in 2026	$	269
2027		255
2028		262
2029		270
Total future minimum lease payments		1,056
Less: imputed interest		(130	)
Less: current portion		(336	)
Operating lease liability, net of current portion	$	590

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

Legal Proceedings

Merger Proceedings

In connection with the Merger, two complaints were filed in the Supreme Court of the State of New York, County of New York, captioned Thomas v. Reneo Pharmaceuticals, Inc., et al., Index No. 654628/2024 (filed September 5, 2024) and Kent v. Reneo Pharmaceuticals, Inc., et al., Index No. 654642/2024 (filed September 6, 2024) (together, the “Complaints”). The Complaints generally allege that the Proxy Statement/Prospectus filed by Reneo with the SEC misrepresented and/or omitted certain purportedly material information relating to Reneo management’s financial projections for Reneo and OnKure, the data and inputs underlying the financial valuation analyses that support the fairness opinion provided by Leerink Partners, Reneo’s financial advisor, and potential conflicts of interest with Leerink Partners LLC, Evercore Group L.L.C., and LifeSci Capital LLC, which were the placements agents for the Concurrent Financing that closed concurrently with the Merger. The Complaints assert violations of negligent misrepresentation and concealment in violation of New York common law and negligence in violation of New York common law. The Complaints sought orders enjoining the proposed Merger, or in the event that the Merger was consummated, orders rescinding the Merger or awarding actual and punitive damages, as well as all of the plaintiffs’ fees and expenses in connection with the litigation, including reasonable attorneys’ and experts’ fees and expenses. The plaintiffs have not pursued their claims in the Complaints and there has been no activity on either docket; however, the Complaints remain pending.

We cannot predict the outcome of the Complaints or any other litigation that might be filed arising out of the Merger or the Concurrent Financing. The Company and the individual defendants intend to vigorously defend against the Complaints and any subsequently filed, similar actions. It is possible additional lawsuits may be filed arising out of the Merger or the Concurrent Financing. Absent new or significantly different allegations, the Company will not necessarily disclose such additional filings.

From time-to-time in the future, the Company could be involved in disputes, including litigation, relating to claims arising out of operations in the normal course of business, which may have a material adverse effect on the Company’s consolidated results of operations or financial position.

Indemnification

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with its officers and members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs because of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations in its financial statements as of June 30, 2026 and December 31, 2025.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2026	Nov. 25, 2025	Nov. 06, 2025	Oct. 04, 2024	Jun. 30, 2026	Dec. 31, 2025
Class of Stock [Line Items]
Accumulated deficit					$ (244,744)	$ (214,241)
Cash, cash equivalents and marketable securities					$ 176,400
Merger Agreement [Member]
Class of Stock [Line Items]
Date of agreement and plan of merger				May 10, 2024
Aggregate purchase price				$ 65,000
Private Placement [Member] \| Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Gross proceeds from the private placement	$ 150,000
At The Market Offering Program [Member] \| Maximum [Member] \| Sales Agreement [Member]
Class of Stock [Line Items]
Aggregate sales proceeds		$ 200,000	$ 16,000
Class A Common Stock [Member]
Class of Stock [Line Items]
Par value per share					$ 0.0001	$ 0.0001
Class A Common Stock [Member] \| At The Market Offering Program [Member] \| Sales Agreement [Member]
Class of Stock [Line Items]
Par value per share			$ 0.0001

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lessee, Lease, Description [Line Items]
Lease expiration date			Dec. 31, 2029
Operating lease option to extend			extend the lease for an additional three year period
Lessee, Operating Lease, Existence of Option to Extend [true false]			true
Operating lease rights to extend renewal term	3 years		3 years
ROU asset and lease liabilities			$ 653
Payments under sublease	$ 61	$ 59	$ 122	$ 113

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of Anti-Dilutive Securities Outstanding Not Included in Diluted Net Loss Per Share Calculation

Anti-dilutive securities outstanding during the period not included in the diluted net loss per share calculation include the following:


	June 30,
	2026		2025
Outstanding common stock options		4,084,043		3,054,036
Unvested restricted stock units		24,488		59,983
		4,108,531		3,114,019

Fair Value Measurements - Schedule of Contractual Maturity of Marketable securities (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Due in one year or less, Amortized Cost	$ 9,897
Total Amortized Cost	9,897
Due in one year or less, Fair Value	9,884
Total Fair Value	$ 9,884

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

ASC Topic 820, Fair Value Measurement, establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing an asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances.

ASC Topic 820 identifies fair value as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering market participant assumptions in fair value measurements, ASC Topic 820 establishes a three-tier fair value hierarchy that distinguishes between the following:

•

Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•

Level 2 – Inputs, other than quoted prices in active markets, which are observable for the asset or liability, either directly or indirectly.

•

Level 3 – Unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.

Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company’s financial assets are subject to fair value measurements on a recurring basis.

The Company categorizes its money market funds as Level 1 and U.S. treasury securities as Level 2. The fair value of the Company’s investments in certain money market funds is their face value and such instruments are classified as Level 1 and are included in cash and cash equivalents on the consolidated balance sheets. The fair value of the Company’s investments in certain U.S. treasury securities are classified as Level 2 and are included in marketable securities on the consolidated balance sheets.

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2026:


	June 30, 2026
				Gross		Gross
	Fair Value	Amortized		Unrealized		Unrealized			Fair Market
	Hierarchy	Cost Basis		Gains		Losses			Value

Cash equivalents:
Money market funds	Level 1	$	164,218	$	—	$	—		$	164,218
U.S. treasury securities	Level 2		996		—		—			996
Marketable securities, available-for-sale:
U.S. treasury securities	Level 2		9,897		—		(13	)		9,884
Total		$	175,111	$	—	$	(13	)	$	175,098

There were no marketable securities as of December 31, 2025.

The contractual maturity of the marketable securities as of June 30, 2026 was:


	Amortized		Fair
	Cost		Value
Due in one year or less	$	9,897	$	9,884
Total	$	9,897	$	9,884

The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. Investments in U.S. government treasury securities have been classified as Level 2 as they are valued using quoted prices in less active markets or other directly or indirectly observable inputs. Fair values of U.S. government treasury securities were derived based on input of market prices from multiple sources at each reporting period. There were no transfers of financial assets between Level 1, Level 2, or Level 3, during the periods presented.

The Company periodically reviews its portfolio of debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For debt securities where the fair value of the investment is less than the amortized cost basis, the Company has assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on marketable securities at June 30, 2026 were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities.

No assets or liabilities were transferred into or out of their classifications during the three months ended June 30, 2026 and 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Share-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

10. Share-Based Compensation

The Company amended and restated its 2024 Equity Incentive Plan (the “A&R 2024 Plan”), effective as of June 3, 2026 upon approval by the stockholders of the Company.

The amendments to the Company’s 2024 Equity Incentive Plan included (1) a one-time increase to the number of shares of common stock reserved for issuance under the A&R 2024 Plan of 3,231,638 shares, (2) an amendment to the annual “evergreen” provision to remove the annual limit of 2,407,100 shares, while maintaining the annual increase at 5% of the Company’s outstanding shares, and (3) a limit on the number of shares that can be issued as incentive stock options under the A&R 2024 Plan.

Stock Options

A summary of the Company’s stock option activity and related information is as follows:


	Options Outstanding
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding - December 31, 2025		2,714,651		$	15.54		8.52	$	22
Granted		1,485,625			4.07
Exercised		—			—
Expired		(39,785	)		14.88
Forfeited		(76,448	)		9.07
Options outstanding - June 30, 2026		4,084,043		$	11.49		8.66	$	836
Options exercisable - June 30, 2026		1,468,017		$	16.96		7.87	$	133

All outstanding options as of June 30, 2026 are expected to vest, subject to forfeitures.

The aggregate intrinsic value is calculated as the difference between the exercise price and the estimated fair value of the Company’s Common Stock as of June 30, 2026.

Restricted Stock Units (RSUs)

RSUs vest based on a service requirement and a liquidity event, which was satisfied upon completion of the Merger, plus service requirement. The following table summarizes RSU activities during the six months ended June 30, 2026:



	Number of Shares			Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025		41,376		$	22.89
Granted		—			—
Vested and released		(16,431	)		22.89
Forfeited		(457	)		22.89
RSUs outstanding - June 30, 2026		24,488		$	22.89
Unvested balance as of June 30, 2026		24,488		$	22.89

2024 Employee Stock Purchase Plan

In October 2024, the Board adopted the 2024 Employee Stock Purchase Plan (the “2024 ESPP”), which became effective immediately upon completion of the Merger. The Company recorded approximately $49 and $88 thousand of share-based compensation expense during the three and six months ended June 30, 2026, respectively, related to the 2024 ESPP. The Company recorded approximately $55 thousand of share-based compensation expense during the three and six months ended June 30, 2025, related to the 2024 ESPP, which is reflected in the Share-Based Compensation Expense table below.

Share-Based Compensation Expense

The following table shows the allocation of share-based compensation expense related to the Company’s employee and non-employee share-based awards (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	1,427	$	1,410	$	2,711	$	2,727
General and administrative		1,622		1,498		3,118		2,926
Total	$	3,049	$	2,908	$	5,829	$	5,653

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development	$ 12,611	$ 12,613	$ 24,318	$ 25,625
General and administrative	4,288	3,711	8,196	7,699
Total operating expenses	16,899	16,324	32,514	33,324
Loss from operations	(16,899)	(16,324)	(32,514)	(33,324)
Other income:
Interest income	1,553	934	2,011	2,009
Total other income	1,553	934	2,011	2,009
Net loss	(15,346)	(15,390)	(30,503)	(31,315)
Other comprehensive loss:
Unrealized loss on available-for-sale securities, net	(13)		(13)
Total Comprehensive loss	$ (15,359)	$ (15,390)	$ (30,516)	$ (31,315)
Net loss per share attributable to common stockholders, basic	$ (0.31)	$ (1.14)	$ (0.96)	$ (2.33)
Net loss per share attributable to common stockholders, diluted	$ (0.31)	$ (1.14)	$ (0.96)	$ (2.33)
Weighted average shares outstanding: basic	49,869,177	13,509,080	31,871,862	13,466,942
Weighted average shares outstanding: diluted	49,869,177	13,509,080	31,871,862	13,466,942

Related Party Transaction - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transactions [Abstract]
Payments under sublease	$ 61	$ 59	$ 122	$ 113

Property and Equipment, Net

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

7. Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	June 30, 2026			December 31, 2025
Lab equipment	$	668		$	669
Leasehold improvements		1,090			1,090
Computer hardware and software		172			168
Furniture and fixtures		152			152
Property and equipment, gross		2,082			2,079
Less: accumulated depreciation and amortization		(1,647	)		(1,461	)
Property and equipment, net	$	435		$	618

Depreciation and amortization expense for the three and six months ended June 30, 2026 was $87 and $191, respectively. Depreciation and amortization expense for the three months and six months ended June 30, 2025 was $117 and $235, respectively.

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of the Company's stock option activity

A summary of the Company’s stock option activity and related information is as follows:


	Options Outstanding
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Options outstanding - December 31, 2025		2,714,651		$	15.54		8.52	$	22
Granted		1,485,625			4.07
Exercised		—			—
Expired		(39,785	)		14.88
Forfeited		(76,448	)		9.07
Options outstanding - June 30, 2026		4,084,043		$	11.49		8.66	$	836
Options exercisable - June 30, 2026		1,468,017		$	16.96		7.87	$	133

Summary of RSUs activities



	Number of Shares			Weighted Average Grant Date Fair Value
Unvested balance as of December 31, 2025		41,376		$	22.89
Granted		—			—
Vested and released		(16,431	)		22.89
Forfeited		(457	)		22.89
RSUs outstanding - June 30, 2026		24,488		$	22.89
Unvested balance as of June 30, 2026		24,488		$	22.89

Summary of Non-cash stock-based compensation expense recorded

The following table shows the allocation of share-based compensation expense related to the Company’s employee and non-employee share-based awards (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Research and development	$	1,427	$	1,410	$	2,711	$	2,727
General and administrative		1,622		1,498		3,118		2,926
Total	$	3,049	$	2,908	$	5,829	$	5,653